Bitcoin is attempting to break $118,000 for the first time in six weeks as US labor market weakness boosts crypto and risk assets. Any dips are seen as opportunities to buy, according to BTC price analysis. The US government shutdown has had little impact on market sentiment, with both the S&P 500 and Nasdaq opening higher.

BTC/USD reached $117,713 following weak US private-sector employment numbers, coming close to beating its September high. Labor market weakness increases the likelihood of interest rate cuts, with markets betting on a 0.25% cut at the October Federal Reserve meeting. Traders are optimistic about BTC’s price action, with potential support retests and resistance breakthroughs in focus.

Bitcoin is trying to breakout from its monthly range at the start of October, with analysts and traders expecting further gains. The US government shutdown is not seen as a significant market event, with risk assets remaining buoyant. Shutdown-related dips are viewed as buying opportunities, with historical data showing positive outcomes for BTC during past shutdowns.

Read more at Cointelegraph: What Shutdown? Bitcoin Bulls Head Toward $118,000